New Crypto Survey Shows Bitcoin Bag Holders Prefer Self-Storage Methods vs ‘Centralized' Coinbase

    As survey season begins, MyCrypto recently did a small survey amongst 200 consumers to find out what they think of cryptocurrency, how it works, and how it should be stored. The results may surprise you.

    • MyCrypto held a survey of 200 participants to learn about consumers’ views of the crypto market.
    • Mass adoption will require better security and usability.

    Surveys are a frequent occurrence for the cryptocurrency industry, testing the satisfaction that people have with the market and examining trends. and Ambo decided to perform a survey, covering a small group of 200 people in the United States. In this survey, plenty of interesting information way found, ranging from how cryptocurrency is used to how it is managed.

    Some of the statistics found stated:

    • Over half of the consumers surveyed have used cryptocurrency in the purchase of services or goods.
    • A similar percentage of participants manage their crypto assets with the use of mobile wallets
    • 37% of participants manage their non-crypto assets with a mobile wallet as well
    • 66% of participants store their assets in noncustodial wallets.

    With this information in mind, it appears that the polled participants understand how necessary it is to hold assets in a decentralized manner. However, it may just suggest that users are simply understanding that it is better to trust their own judgment than platforms like Coinbase, when it comes to securing assets.

    MyCrypto offers a noncustodial service for exactly this purpose and allows users to quickly create an Ethereum-based wallet on their own. Founder Taylor Monahan had previously been employed with MyEtherWallet, which has become one of the most frequently used and most accessible ways for users to create their wallet.

    In a one-page report by MyCrypto, the platform explains that the survey’s results are a sign of a much bigger concern, regarding the usability of cryptocurrency. It explains that there are many barriers in the way for “new and casual users,” especially that there is no understanding amongst many casual users on how to use it.

    Luckily, MyCrypto is also one of the many companies that exists in the industry for the purpose of helping the community to understand cryptocurrency with greater ease. Another company with this same motivation is the FIO Foundation, along with its protocol that works to improve the same and easy use of crypto.

    There are some crypto proponents that see crypto’s purpose as being a store of value, which means that the usability of cryptocurrency falls behind the need for security. MyCrypto contends that both have equal importance, adding that 46% of the surveyed participants believe in crypto as a long-term investment instrument. The report explains that there is still “room to grow in the development of wallet security” that will protect users over time.

    Surveys are arising around the world, as it seems to be the season for it. One survey suggests that most crypto exchange users are from the United States, while other shows heightened awareness of cryptocurrency with only 11% of Americans being personally involved.

    Whenever the idea of improvements and interaction comes to the front of the crypto discussion, so does mass adoption. These enhancements that the market needs could easily be the key to mass adoption, but there is no way of really knowing their impact on the non-crypto consumers until they are implemented.

    There is still the other side of the coin – that mass adoption is impossible until cryptocurrency becomes too big to be disposed of. More than likely, the existing systems in traditional finance will need to fail for the public to turn to another option. Hyperinflation has already caused this effect in Venezuela – could the United States be far off?

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    IBM Wins ‘Self-Aware' Token Patent, It Can Record Offline Transaction Data To Upload Later

    IBM was given a US patent for a “self-aware” token that’s capable of recording its own data for transactions. The patent was awarded on January...

    World’s Largest Oil Firm Saudi Aramco, Drops $5M Into Vakt's Blockchain Trading Platform

    A leading oil corporation from Saudi recently invested $5 million towards a blockchain based startup dubbed ‘Vakt’. Saudi Aramco Energy Ventures (SAEV), initiated the...

    China’s Crypto Affinity Drops As LocalBitcoin Volume Drops To 2-Year Lows

    China’s BTC trading volumes have hit an all-time low in two years with the peer to peer (p2p) exchanges on LocalBitcoin. As of the...

    Bitfinex Ordered To Freeze $860k Bitcoin Linked To BitPaymer Ransomware By UK Courts

    A High Court in the United Kingdom has issued a freeze order on Bitcoin acquired via a ransomware attack against a Canadian-based firm. The...

    TradeStation Users Now Have Access To CME, Bakkt Bitcoin Futures Options Trading

    TradeStation is an online brokerage firm for securities and on 27th January announced that its clients can now trade Bitcoin Futures Options from CME...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.